Old Mutual has announced its cash and share offer for Skandia, conditional on the recommendation of the Swedish insurance group's board. Old Mutual offered 44.9bn kroner (£4.1bn) for the group. The offer is 25% more than Skandia's closing share price in May, when talks were announced. It is expected that Skandia shareholders will support the bid. The combined group would have a market capitalisation of £7.9bn. Old Mutual is proposing integration of its Selestia platform with Skandia's open architecture business as the group aims to improve margins, though the final plans will not be confi...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes